Cinven has agreed to acquire Theramex, the London based specialty pharmaceutical company focused on womens health, from Carlyle and PAI Partners. The agreement was announced on November 3, and the transaction is expected to close in the first half of 2027, subject to customary regulatory approvals. Theramex chief executive Robert Stewart will continue to lead the company.
Financial terms were not disclosed by the parties. The Financial Times reported that the transaction values Theramex at about 2.6 billion euros, roughly double the value reported for Carlyle and PAI’s acquisition in 2022. Bloomberg reported separately that Cinven is set to back the acquisition with about 1.5 billion euros of debt. Both figures are reported, not confirmed in the announcement, and they should not be read as a disclosed equity value or enterprise value split.
Theramex sells treatments across menopause, osteoporosis, contraception and fertility in more than 80 countries, reaching more than six million patients. Carlyle and PAI said earnings before interest, tax, depreciation and amortisation have more than doubled since 2022, helped by product launches, acquisitions and in licensing agreements. The business was created in 2018 from a carve out of Teva’s womens health portfolio, and this is its third private equity owner.
For Cinven, the thesis set out in its announcement is further international expansion, deeper penetration of existing markets and continued in licensing. The exit matters beyond healthcare: a sponsor to sponsor sale at about twice the entry value, four years on, is evidence that large European buyout assets with genuine earnings growth can still find a buyer at a full price, at a time when many sponsors are holding assets longer than planned.